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Calculate the CPI basket and the percentage of the household’s budget spent on juice in 2009 The people on Coral Island buy only juice and cloth The CPI basket contains the quantities bought

Calculate the CPI basket and the percentage of the household’s budget spent on juice in 2009. The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2009. The average household spent $60 on juice and $30 on cloth in 2009 when the price of juice was $2 a bottle and the price of cloth was $5 a yard. In the current year, 2010, juice is $4 a bottle and cloth is $6 a yard.

May 01 2020 View more View Less

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